Hindered phenolic compounds have been used as effective antioxidants in lube and fuel applications. The phenolic compounds react with peroxy radicals present in the oxidative chain reaction to form stable antioxidant radicals, thus further degradation is prevented. However, the mineral oils and hindered phenolic compounds have a tendency to discolor from exposure to sunlight, oxygen and/or heating. Oxidation of the mineral oils and the hindered phenolic compounds results in conjugated species that are colored. Colors ranging from yellow or pink to dark red can occur over time due to further discoloration. Variations in the color of mineral oils as a result of the discoloration due to oxidation distract the commercial value of such oils. Users of mineral oils often use color as a measure of contamination, with high color indicating contaminated oil that is not acceptable for use. Thus, it would be commercially advantageous to provide a mineral oil formulation that is resistant to oxidation and is color stable.